Sybase may be forced to consider major
changes as the software developer comes under renewed challenge from a rebel
shareholder.
Sandell Asset Management recently said it would nominate three directors for
the Sybase board. In October, the hedge fund published an open letter calling
for Sybase to buy back stock, spin off and float its mobile software business
units, or else consider a sale of all or part of the total organisation.
In response to Sandell’s latest moves, Sybase issued a statement saying it
had “a proven record of solid overall financial execution”.
Sybase made its reputation in the late 1980s and early 1990s through database
software that used the SQL language. The company licensed technology to
Microsoft for SQL Server, but when its market share eroded, it moved into mobile
access to data where it developed the iAnywhere and Sybase 365 businesses.
The whiff of a Sybase sale could alert Oracle or IBM, both serial acquirers
in recent years.
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